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CSPAN
Nov 26, 2012 8:00pm EST
will also hear from president obama, who signed the deficit reduction measure into law, part of the deal to raise the debt ceiling. first, senate majority leader harry reid and republican majority leader mitch mcconnell will talk on the senate floor about the january fiscal deadline. >> since our country voted to return president obama to the white house, i have spoken often about compromise. i remain optimistic that, when it comes to our economy, when it comes to protecting middle-class families from a whopping tax hike, republicans and democrats will be able to find common ground. president dwight eisenhower, a republican, once said, "people talk about the middle of the road as though it were unacceptable. there have to be compromises. the middle of the road is all usable space." so said white house and higher. -- dwight eisenhower. too often, we face off, not realizing that the solution rests somewhere in the middle. i remind everyone of one fact. this congress is one vote away from avoiding a fiscal cliff for middle-class families and small businesses. we can solve the greatest econo
MSNBC
Nov 26, 2012 8:00pm PST
to solve the deficit standoff, people should listen to this guy. plouffe said this is going to get hairy? >> we want to engage in comprehensive tax reform. we also need to engage in entitlement reform. you know? medicare, medicaid carefully, these are chief drivers of our deficit. we made a lot of progress with obama care and there's other spending we have to cut. >> hold on a second. i think we all know what the chief drivers of our deficit are and have been. our projected deficit over the next seven years is driven mostly by the wars in iraq and afghanistan and the bush tax cuts. entitlement programs don't even compete with these costs. plouffe went on to pin the problem largely on republicans who are not flexible on higher tax rates, but he also said this. >> and so where i think the big bottleneck right now is republicans in congress on revenue and how much and where does it come from. democrats are also going to have to step up here and do some tough things. and you know, the notion that somehow that these deficits and our debt are not a threat to our national security and our econo
MSNBC
Nov 24, 2012 3:00am PST
to do something to fix our skyrocketing deficit. our national deficit that he will tell you has been going up and up and up like a rocket and spiraling out of control like a something going out of control and paul ryan is just so right and if congress and president obama do not do something to stop the skyrock edding deficit, to sop up the red ink, if they don't do it by new year's or sometimes whenever the emergency is supposed to happen, we will go flying off the fiscal cliff. and not like these guys who mean to do that, but more like cliffhanger cliff on "the price is right" for whom going over the edge is really a dire mistake. beware the fiscal cliff. you will hear this at the thanksgiving dinner table. when someone inevitably brings up the fiscal cliff and how our sky rocketing deficit is a huge danger to us, do not crawl under the table. do not give up on thanksgiving. help your giant uncle understand that what he is freaking out about is not true. it is easy. there are visual aids that might help. look. first of all, the amount of money borrowed by the government has been goi
CSPAN
Nov 28, 2012 7:00am EST
to the deficit, they say, and it needs to be part of the deficit. the opposing view of durban says social security is not in a crisis. back to our question for our viewers. how would you fix your school system? david in kansas, an educator, republican line. caller: i just want to say i am an educator. i'm not republican. i would make education a completely free market good. i would get rid of compulsory school attendance. --would get rid of taxation a i think you need a wall that separates the government and education, just like we have a separation between government and religion. host: ok. june in wisconsin, independent. caller: hi. you know, the baby boomers got the last excellent, well-rounded public-school education. it was based on the basics -- proper english, writing. for whatever reason, somebody decided -- and i saw a teacher wrote an article on why we have to write all these rules in english, such as "i before e" in english. i thought, are you kidding me? for some reason somebody said, "whatever you think it is, and johnny." it's ridiculous. there's nothing wrong with people un
CNBC
Nov 26, 2012 7:00pm EST
cuts which is the true source of the deficit problem along with anemic economic growth. and here's one. we just got confirmation that the latest fiscal numbers from the treasury department show the federal government ran up more red ink in october than it did the year before, and guess what? spending went up double digits from the year before. what a surprise. but the white house got one thing right today. it released a study showing that a massive year-end tax hike would kill consumer spending by $200 billion, right. so let's not raise taxes. and in addition to all of this, the joint chiefs of staff is apparently drawing up plans to keep 10,000 u.s. troops in afghanistan past the 2014 deadline. this break a president obama promise, but some promises are made to be broken, and i think this is probably a good move. but first up congress back at work tonight after the holiday recess with now just 35 days to go. are we any closer to a tax and fiscal cliff fix? cnbc's own chief washington correspondent john harwood joins us now with all the details. good evening, john. >> reporter: good ev
Current
Nov 27, 2012 5:00pm PST
? >> well, first of all, i do believe the middle class has a stake and a good, solid balanced, deficit reduction plan. the plan should be what the president campaigned on, namely balance. that means we've got to have a substantial contribution from revenues. the revenues have to come from the folks who have been making good money during the recession. that's folks over $250,000 or some number close to. that the pentagon's got to make a contribution and if there is anything on healthcare, it's gotta be about reforming it, bringing the costs down, not cutting benefits. >> eliot: let's drill down a couple of pieces of this. what do you think the underlying ratio should be between cost cutting and revenue generation. last summer it was 10 to 1 in terms of cutting costs to revenue. thankfully the deal didn't get done. should it be one-to-one? where would you like to see this happen? >> you know, i actually don't know that number because i think the question is i think we need about a trillion and a half from revenues and the
MSNBC
Nov 27, 2012 1:00pm PST
, don't worry as much about the deficit, the revenues will come in, and we have to get rid of the social safety net the way it's been, and cut spending, slash spending dramatically. it was very divided policywise and barack obama won pretty handily. >> a week after the election john boehner, speaker boehner, does a press statement and he says we're not going to raise revenues. we should look at loopholes and deductions. >> one thing that hasn't changed and you can put on as many senate republicans as you want looking reasonable. what hasn't changed is the tea party caucus in the house. they've lost a few members, but they're still a majority and john boehner has to find some way to get something past them. that's why i doubt there will be a christmastime deal. i think the president is going to have to let these tax cuts end and then boehner may have a chance of convincing them to pass tax cuts for the bottom 98% without the top 2%. >> do you agree with that, dr. peterson? that the president will be forced to allow these to run their course simply so that republicans in the house won't ha
FOX Business
Nov 28, 2012 11:00am EST
player in the deficit talks. >> i am really worried we have a probability we could go over the cliff, and that would be catastrophic. not to go over the cliff, we have to compromise, have to have revenue. the problems are real, the solutions are painful, no easy way out. the only way you can do this ifs to have a balanced approach and that is where people are headed. connell: matt welch is here. what do you make of all this, matt? >> there is nobody at the table actually interested in cutting the size of the government. that seems strange to democrats who think we're living in some sort of mythical age of austerity. we had a really good shot. george w. bush used the hell out of spending four years. i don't think john boehner is ultimately interested in it. talkiig $110 billion, the smudge of potential cuts and they're negotiating it away without any entitlement. dagen: are we past the point with no return? will we become even more of a nation centered around our government that does not promote private business? will anybody ever fix this? >> we will fix it. everything is ultimately
CSPAN
Nov 27, 2012 10:00am EST
will be speaking about the so-called fiscal cliff and that is a reduction -- and deficit reduction. we will have that live here on c-span at 11:30 a.m. eastern. over at the white house today, president obama is meeting with small business owners. at 12:30, jay carney will hold a press briefing and take questions from reporters. this afternoon, the president and vice president will meet with the mexican president who takes office december 1. the press briefing today at 12:30. on capitol hill, the house of representatives returns today at 2:00 p.m. eastern on their agenda this afternoon five bills including a measure requiring the department of a homeland security to report on security. later this week, a student visa program. also this week, the democratic leadership elections. that will be coming up later this week. live coverage of the house at 2:00 p.m. eastern. a number of senators have been meeting with u.n. ambassador susan rice in the wake of her comments following the attack on the benghazi consulate. just wrapping up is a brief news conference and statement with senators. here is a look.
CSPAN
Nov 28, 2012 5:00pm EST
when people first signed that pledge, the federal budget deficit was $220 billion. this year, $1.1 trillion, how can you say nothing has changed? >> lots have changed. bush focused not on spending. the pledge only does certain things. the pledge makes tax increases more difficult at the state level, at the national level. you haven't had a republican vote for income tax since 1990 when bush threw away his presidency. 1993 tax increase, only on democratic votes. then no tax increases until 2009 when obama came in and raised taxes with obamacare. >> isn't this -- you are having republican is take a difficult pledge to cut taxes, isn't that like a quarterback saying they like taxes? >> it's a pledge not to increase taxes. people say why don't you toughen it. you don't want to change it because it is a simple guardrail. it doesn't solve the world's problems, it says no net tax increase. >> in your mind when someone signs it, how long are they committed to it? >> in writing when the person signs it as long as you are a congressman or senator. >> you are signing this for life? >> unles
FOX Business
Nov 27, 2012 7:00pm EST
. let's face it. it's a revenue problem. by definition, a deficit exists because you spend too much, and the president who is the leader of the country, you know, claims that the problem can all be solved by adding more revenue, which seems to me, a fundamental problem because you can keep adding money to the problem, but if the growth grows at such an exponential rate, you don't stop it. nevermind the deficit, you'll never come close to tackling the debt if there's not leadership from the white house on this issue. >> reporter: steven, you covered the issues, and you have for a very long time with distinction. at some point, it seems we're on a carosel of complaints and empirical evidence that does not change and the argument does not change. that is, we have a trillion dollar problem in terms of the deficit, a $16 trillion problem in terms of the debt, and we've got two parties that for all the world are acting as though we think we got 300 million americans in the country too dumb to understand what they've got to do. the only people who don't seem to get it are the republicans a
PBS
Nov 27, 2012 4:30pm PST
social security off the table for the current fiscal cliff and deficit discussion, but be very honest about what we're going to achieve in the near term. >> reporter: republicans pushed back, arguing social security is part of the deficit problem because it is no longer taking in enough in taxes to cover the benefits it pays out. social security makes up the difference by cashing in special treasury bonds it holds in its trust fund. but conservatives point out the money to redeem those bonds comes from taxpayers. >> it is money that is coming out of general revenue that is going into social security that reduces the amount of revenue that is available for everything from aircraft carriers and roads to environmental issues. >> reporter: legally, social security is off-budget, meaning its cash flow is not considered part of the budget deficit. and defenders argue the money used to pay off the special treasury bonds in the social security trust fund are no different than the money owed to any other bond holder. >> we're using social security as a piggy bank to deal with the problems in t
MSNBC
Nov 23, 2012 10:00am PST
about $30,000 which is inconsequential. it has no impact on deficit reduction or very little. so far there haven't been any what i would consider to be really sincere efforts at reaching some kind of accommodation on revenues. >> this week speaker john boehner said that the health care law should also be a part of the negotiations. he wrote this in the cincinnati enquirer. saying in part the president's health care law adds aive, expensive, q8unworkable government program at time when our national debt already exceeds the size of our an't afford it and we can't afford to leave it intact. the white house saying this is off the table, that this is a battle that has been fought and won. does the speaker's request, does it make the talks more difficult? >> no. i think what he's doing there is basically trying to throw a bone wing. you know, but there's a factual problem wi according to the cbo, if you repeal the affordable care act it adds trillion to the deficit. so if you're trying to get deficit reduction the affordable care act actually helps with deficit redu
MSNBC
Nov 28, 2012 9:00am PST
the deadlines we're facing on taxes and deficits. these deadlines are going to be coming up very soon in the coming weeks. but today's important because i want to make sure everybody understands this debate is not just about numbers. it's a set of major decisions that are going to affect millions of families all across this country in very significant ways. and their voices, the voices of the american people, have to be part of this debate. and so i asked some friends of mine here to join me, some folks from here in the area. our ultimate goal is an agreement that gets our long-term deficit under control in a way that is fair and balanced. that kind of agreement would be good for our businesses, it would be good for our economy, it would be good for our children's future. and i believe that both parties can agree on a framework that does that in the coming weeks. in fact, my hope is to get this done before christmas. but -- the place where we already have in theory at least complete agreement, right now, is on middle-class taxes. and as i've said before, we have two choices. if congre
MSNBC
Nov 20, 2012 8:00pm PST
income is going down. who is better prepared to help us with with deficit reduction? struggling working people or people on top doing well? >> that was answered on november 6th. the proposals will be coming in next week. what changes would you be willing to make to medicare because the republicans, you heard mitch mcconnell, you have to have entitlement reform to the republicans is cuts. that's what their entitlement reform is. would you do anything to medicare at all? >> sure. look, ed, what has to be understood is are we not only the country that doesn't care to all people, we pay by far much more per capita for health care than does any other nation. it's a wasteful system. for example, in terms of medicare, republicans demanded as part of medicare part d that the medicare could not negotiate drug prices with the pharmaceutical industry. the v.a. does that. why isn't medicare doing that? furthermore, if we develop efficiencies that save the system money, let's do it. but let us not cut benefits for the elderly or for the poor who are on medicaid. >> finally, senator, are you willing
FOX Business
Nov 25, 2012 1:00am EST
deficits and medicare, small enough it's somewhat of a side show. the idea that we're picking on themmen they're not getting the right deal, get out to the real world. >> eve. >> don't blame them, federal workers, this isn't their fault. yes, they're going to have give more. and in favor of union representation and union representation say hey, leave us alone, it's good for them, but overall, everybody's going to have to give, everybody. >> brenda: gary b. >> look, if it's the federal workers have it so bad, try to get a job in the federal sector, it's almost impossible these days, that's how bad it is >> brenda: but, jonas, there have been layoffs from the federal sectors as well. >> they haven't had as hard as states. states had to get their budgets going tighter before the federal government. the federal government nois only starting to address the workers so i think that the state workers are taking it harder than the federal workers and now the federal workers ve to join the misery of the state workers in tightening budgets. >> brenda: tough times for everybody, thanks, guys. most y
CSPAN
Nov 28, 2012 9:00am EST
said the deficit and the state of american society. that is exactly right. you can look at questions of the budget and questions of infrastructure and immigration policy but above all education policy because this is the future and we are not talking about physical infrastructure but human infrastructure and joel is someone who has dedicated the most recent phase of his multi phase currier to this and when he is not discovering the best restaurants in brooklyn he is focused on improving a lot of young people in this country. so let me tell you how condi is dedicated to this issue. year-and-a-half i called her up and asked her to do something for me and with me. she said i'm too -- don't even go there. we have bet on many football games. before the end of this conversation you are going to agree to what is going to happen and she said no way. we at the council of foreign relations spend our time working on things like china, mexico, all the judicial foreign policy issues and we've moved our agenda and increasingly focusing on things domestic and what we want to do is a report on educa
CSPAN
Nov 27, 2012 7:00am EST
. it is still about three times the average deficit under bush. let us go back to the clinton tax era. eileen anywhere between republican and libertarian. up -- yes i am not. i lean anywhere between republican and a libertarian. host: what do you make of republicans up on capitol hill -- to sort of a back off the tax pledge that he took when he ran for senate, saying he would not raise taxes. caller: if we are going to raise taxes my important thing is raising them on everybody. because if they try to strike a compromise where only the rich get taxed, then it gets more progressive. it is not a point to help the budget. we are right to raise taxes, raise them all the way down to where clinton had them. host: senators lindsey gramm represented peter king, talking publicly abandoning the pledge of democrats will talk seriously about entitlement reforms. rest in peace, grover norquist? there are not enough republican tax hikes -- republicans to hike taxes for obama. the left is doing its best to make tax hikes appear to be a foregone conclusion. that is their take on tax hikes. eddie, on our line
CSPAN
Nov 26, 2012 12:00pm EST
. this agreement cuts the deficit by a trillion dollars, and it lays the groundwork for much more in the near future. we look forward to the work on the committee to make sure that millionaires and billionaires and corporate jet owners and people who have those yachts who get tax benefits, oil companies who get these huge tax subsidies, that that in the mix of thinking what goes on, that's what this select committee's going to be about. we need to do more for families. the number one job we have as a congress must be creating jobs for the american people. we, there are a number of things we're going to do. senator schumer's going to address that in a few minutes as to what jobs agenda we have. today we made sure america will pay its bills, now it's time to make sure that all americans can bay theirs. senator durbin? >> with this vote of 74-26, we have averted a crisis. america has avoided defaulting for the first time in our history on our national debt. the fears and concerns of americans across the board were considered by this congress, and as a result we've come together on a bipartisan b
CNBC
Nov 28, 2012 3:00pm EST
, michelle, why is this such a crisis? we're going to have about $.5 trillion in deficits in 2013. is that a crisis? for god's sake, we're finally doing something to address our debt and deficits. that should be great news. i'll tell you why gold might be down today. why is the market rallying when gold, oil, and copper are down? the only tentity borrowing all this money is the government. that's why gold is going down. guess what? don't worry about it. they're going to punt on this like they have every other time. >> are you as pessimistic? are they going to punt? what do you do? >> in the short-term, you have to be careful. these are unknowable things. it's a very fluid situation, as you identified. somebody gives us some happy talk. this market goes straight up. i think gold is giving perhaps a false signal there won't be qe-4. i believe there will be. it's just a matter of time. this is going to take time to implement. we're not going to put all these changes in place january 1. there's no grand bargain out there that's going to cover all these things at once. it's going to be
FOX Business
Nov 28, 2012 9:20am EST
it will reduce the deficit. not because it's good for the economy. he has a totally noneconomic reason for it and he's serious, we'll tell you what it is next. >> new at 10, warren buffett who has been begging the government to raise taxes on rich people like himself, well, instead of writing a check, he says, we should tax the rich because it will, quote, raise thh morale in the middle glass. he's serious. and all raising taxes on the wealthy may do, the big story of the day, president obama's campaign, holding more meetings on the fiscal cliff instead of real talks with politicians who have to decide this thing. and going on the road and selling the campaign harry reid says no cuts, democrats have cut spending and entitlements already. >> remember, we've already done more and billion dollars worth of cuts and we've already done that and we need to get credit for at that and these negotiations that take place. >> and the president's position, no more cuts, we're talking about it all with this company. sandra smith is here, and charles payne and as always on the floor of the new york
MSNBC
Nov 27, 2012 8:00am PST
puts forward his plan. how is he going to close the other part of that deficit? you know, his proposal right now, the most he can say would raise would be about $68 billion when our deficit last year was $90 billion. what is the president's plan for closing the additional additional $1 trillion worth of deficit? i think that's incumbent on the president to put forward his plan. >> from your standpoint alone, there's no way you see fit in the coming 35 days that you would break that pledge with glove norquist. >> well, thomas, let's use a couple numbers here. even with this measly economic growth we've seen the last three years, revenue at the federal government has increased $344 billion per year. if we just return to a normal economy that returns about 18.5%, that would increase revenue an additional over $400 billion per year, that's $750 billion of revenue per year through economic growth. and the president, his proposal would raise 1/10 of that but would put at risk the economic growth and that $750 billion. so -- >> sir, with all due respect, though -- >> counterproductive. >> tha
MSNBC
Nov 28, 2012 1:00pm PST
cut the budget, if we cut the deficit and raise taxes, i don't think that's the worst thing in the world. as warren buffett has been saying for the last 24 hours, are you really going to turn down a good investment opportunity just because the tax rates are a little higher in we're talking about a minor 4 percentage point increase in the upper end of the tax rate here. it's not life or death. you know, cutting the deficit and raising taxes, if they can't agree, which congress has shown themselves inability to agree. if they're not going to agree, maybe it's not the worst thing in the world for tax rates to go up and for the deficit to be cut. i think that could result in a big economic boom. >> wow. >> and then, let's say two weeks after we go over the cliff, after the 1st of january, they then cut attacks for everybody -- >> but here's the problem with that notion. it's not fine. but, john, it's not fine because a lot of ordinary middle class people -- >> that's the problem. >> -- are trying to spend money at christmas and they're deeply anxious about what's going to happen
CSPAN
Nov 27, 2012 8:00pm EST
rate will necessarily go up. we talk about debt and deficit in this chamber, if we remember less than 12 years ago, 12 years ago we hit a budgetary surplus of $258 billion. meaning that we were taking in $258 billion more in each year than we were spending. how was that possible? it was made possible by having created 22 million private sector jobs in the previous eight years. . what was the policy then? the policy was to invest in the american economy, in the american people, in education, in scientific research, and infrastructure. so i think the lessons from our most recent past are very instructive today as to what we should be doing in washington to promote growth. the gentleman from california spoke of a plan i was working on, that's a $1.2 trillion investment in rebuilding the roads and bridges of america. that plan, advanced by the new america foundation, would create 27 million private sector jobs in five years. the first year alone, over five million jobs which would reduce the current employment rate from where it is today to 6.4% and in the second year, 5.2%. now public in
CNN
Nov 27, 2012 2:00am PST
" and he joins me now. thanks for being with us now. we appreciate it. you compare the deficit to an insurance policy. you say it doesn't make you any richer in the short-term, but in the long-term, it is helpful. i want to actually put your statements up. you say let's agree to keep deficits very high for at least another year. and then let's buy an insurance policy against that debt crisis when we can really afford it. so lots of republicans and democrats out there would disagree greatly with you. say that america's ability to pay its debt is really important. how would you respond to them? >> right. i do think that there's a thing that's taken place in washington deficit reduction will stimulate us to enormous growth in 2013. the fact is what deficit reduction is, is tax increases and spending cuts, both of which take economic activity out of the economy. so this really is extremely similar to insurance. if i buy, say, flood insurance. what i'm doing is i'm paying a short premium in the short-term, to protect my house in the long-term. that's exactly what deficit reduction i
CSPAN
Nov 24, 2012 7:00am EST
it into the unified budget to mass of the overall deficit. the trust fund will run -- to mask the overall deficit. it was a nice tax breaks for low income seniors. that was stealing from that trust fund. we call it the social security fund. there is no trust in my estimation. host: this is from the huffy to post a business section. earlier this week-- huffington post business section. older americans are in the cross hairs. when congress returns for a lame-duck session, stocks will keep up -- talks will heat up and there may be reinvigorated discussions on a grand bargain. the last time that happens, president obama considered a proposal favored by republicans to extend the eligibility for medicare to 67. as a guy who turned 65, your thoughts about extending the eligibility for medicaid to 67. guest: if you are younger, you are not thinking about it. i think it would be prudent to do that for the health of the country in the future of the people. obviously, if you are at or near 65, you cannot do it. the thing i wonder is, as part of this whole situation, why is there no effort to really, really
CSPAN
Nov 26, 2012 7:00am EST
a long-term deficit reduction deal. grover norquist was on cnn on friday responding to senator chambliss' comments. let's listen to what grover norquist had to say. [video clip] >> the commitment he made to the people of georgia was not to me. it was a commitment to the people of georgia that he would go to washington to reduce government spending and to reform government and not raise taxes. if he wants to change his mind and become a tax increaser so we don't have to reform government, need to have that conversation with the people of georgia. he talks about my plan to increase debt, the only plan i think i supported is the paul ryan deal, which reduces the deficit, pays down the debt, does not raise taxes, and it is a written plan that senator chambliss actually voted for. so i think they caught him on a tv station and he said something scraps that did not make sense. >> have you thought about changing the pledged in any way? >> again, i cannot change the pledge, because t it is,o me. it is not like people are promising this to me. >> it was your group. everybody associates the pledge
CSPAN
Nov 26, 2012 12:00pm EST
, the u.s. situation with respect to our deficit and debt is a national security liability. we need our senior leadership to take it on. we have an opportunity to do so, a requirement to do so. the foundation of national power is ultimately economic. in terms of global influence, in terms of the ability to support a military, the economic is foundational. i think in the u.s. we have both an opportunity and requirement to get our house in order. i believe what hundreds of tatars and 435 members of the house will step up -- what 100 senators and 435 members of the house will step up. >> so we have america under control because of the amount of treasuries? >> [indiscernible] our position to the nine states is very, very decisive to strengthen our relationship. there is no intention for us to use this economic relationship and a different context. we are very satisfied. that's all. >> let me open up to the floor. with four microphones around the room. fast.going to go i will call on people whose names i don't know. but that is josh rogan from "the cable." >> thank you for your time today. i
CSPAN
Nov 28, 2012 10:00am EST
that medicare and medicaid are the main drivers of our deficit. and i know we have seen this morning also several editorial writers indicate the same, that it is important that we put these drivers of the deficit on the table and include them as part of any agreement to avoid the fiscal cliff. as the speaker said, we have done our part. we have put revenues on the table, something that we didn't do two years ago during the debt ceiling negotiation. we still believe that it is most important for us to address the economic situation in this country where so many people are out of work. and that's why we take the position and believe strongly that increasing marginal rates is income tax rates is not the way to produce growth and to put people back to work. but we have not seen any good faith effort on the part of this administration to talk about the real problem that we're trying to fix. i'm told that mr. bowles, as some of us will meet with him later today, had said earlier this morning that it's been no serious discussion by the white house on entitlements, on medicare and medicaid. this
CSPAN
Nov 28, 2012 12:00pm EST
by which additional deficit reduction over a ten-year period would occur. and that process was after the trillion dollars was whacked off -- which it already has be been -- that a super committee of six from the house and six from the senate would deliberate and a majority vote of that committee of 12 could determine additional deficit reduction that would apply over the next ten years. and to give a little incentive for that super committee not to deadlock, the process of sequestration was set up which, in effect, was this meat cleaver that in a nondiscriminate way was going to drop a meat ax approach of another half trillion out of defense and a half trillion out of non-defense discretionary, which nobody wanted. and of which was never contemplated that it was going to go into effect, because the effects were going to be so onerous that surely people of goodwill could come together on a 12-member committee and not deadlock but instead at least one would provide the majority, even if it were only 7-5 out of the 12, because the alternative was so unpalatable. and, of course, we know
FOX Business
Nov 26, 2012 11:00am EST
box and reduce the deficit, they spent it. he has no savings in his budget. he wants to count savings because he is not in iraq anymore. they threw him out. that is why he is not in iraq anymore. connell: we will obviously come back to this over and over again. grover norquist, thank you. dagen: we will stay on the topic of warren buffett and taxes. should the cut off the $500,000 not $250,000 as the president wants. would that ease some of the burden and pain of higher taxes? >> on one level it would, of course. raising that threshold from $250,000 to $500,000. the buffet idea maybe release a little bit of pain, but does nothing to address the extortions that he is talking about. huge distortions. 160,000 pages of distortions in the tax code. you were talking about a tiny, tiny improvement. i will take it, sure. we are getting distracted on this one. dagen: connell was talking about a minimum tax on the wealthy. he starts out $1 billion a year. 30%. a good idea in the abstract? then he starts talking about his brother in. those are multi billionaires, dude. >> i mean, i think these a
FOX News
Nov 28, 2012 12:00pm PST
we should have a balanced approach to deficit reduction that doesn't hurt the economy or hurt middle class families. glad to see if you have been reading the pains more and more republicans in congress are agreeing with this idea we should have a balanced approach. >>shepard: he referenced some in the g.o.p. who signal they could be willing to play bull. the republican leadership still is insisting they will not consider tax hikes. >> republicans are willing to put revenue on the table the it is time for the president and democrats to get serious on the spending problem our country has. >>shepard: president obama continues the p.r. blitz. later today he is scheduled to meet with big business leaders to discuss the proposed fix to the fiscal cliff. ed henry is live with us at the white house. what seem it is to be lost in this is the tax cuts going to expire. that's it. if they want to extend them on some, they can. but he will not allow it on people who make more. what part of this is confusing? >>reporter: a lot of other pieces that are confusing because no one wants to come to the
MSNBC
Nov 20, 2012 7:00pm PST
it and they are very, very, very loathed to break it. and that's made it impossible to reach a deficit reduction deal, until now. "the new york times" has an article in which republican after republican after republican goes on the record by name dismissing his pledge and his power. peter king says a pledge is good at the time you sign it. in 1941 i would have voted to declare war on japan. but each congress is a new congress and you can't have a rule that you're never going to raise or lower taxes. i don't want to rule anything out. senator of georgia said, i'm frankly not concerned about the norquist pledge. senator john mccain said fewer and fewer people are signing this "pledge." it's actually a pledge, but any way. senator coburn called it "a tortured vision of tax purity." and it did you want end there in that article. bill crystal said this. >> let's have a serious debate. don't scream and yell when one person says, it won't kill the country if we raise taxes on millionaires. i don't understand why republicans don't take obama's offer. >> a calmist at the national review wrote, as a matter of
CNN
Nov 27, 2012 4:00am PST
senator pat toomey from pennsylvania. he was a member of the deficit reduction super committee last year that failed to agree on a plan. but he's been talking about this issue for a long, long time. good morning, senator. >> good morning. >> we just learned that president obama will be traveling to your backyard on friday to talk about the fiscal cliff and spending, and traveling to pennsylvania right now. is this a welcome visit as far as you're earned? >> as far as i'm concerned the president of the united states is always welcome in my state of pennsylvania. we welcome the president and look forward to his message, and i have some questions i'd like to-ish i hope he addresses. >> what questions? >> first of all the president seems absolutely determined to inflict a tax increase on the american people. two years ago he signed a bill that extended the current tax rates for two more years because he said the last thing you want to do is raise taxes in a weak economy. today the economy is weaker than it was two years ago. why in the world does he want to inflict that damage now? >> senato
CNN
Nov 28, 2012 11:00am PST
as republicans have been trying to do since 2005 when we passed the deficit reduction act. >> let me jump to that, because part of the intriguing thing here is the fact that congressman cole, he is doing something that the president said, that post election news conference and that is, you know, extend the tax cut for everyone, but the wealthy, and then, you know, after you get that done, and i don't know if you would be going along with that, but nevertheless, you know, go ahead, talk about this long-term deal that would involve possible cuts as i think you're getting at, you know, cuts to programs like medicare. is that something we could see taking shape here? >> you're talking about getting rid of redundancies. great example, 342 economic development programs that are in the federal government system. let's start cleaning up these redundancies. let's do some of these across the board cuts in discretionary spending. let's make certain that medicare and social security, which are trust funds, not entitlements, they're trust funds, that they meet their obligation to our seniors and near seniors.
Current
Nov 27, 2012 3:00am PST
which means lowering tax rates not necessarily deficit reduction. it is the same policy romney had. it is where they were before the election. they gotta wake up and see the election, change things and they actually have to meet democrats somewhere in the middle. >> bill: i would hope. i would hope. new york times this morning, front page of the business section in terms of closing loopholes, romney was never specific about which one. new york times is saying that they know -- now we know one of the ones they're targeting. the headline is a tax break once sacred is now seen as vulnerable. what they're talking about is the mortgage interest deduction. there was no doubt it is on the table. it is one they're targeting rather than raise tax rates on the wealthy, they're going to either limit or get rid of the mortgage interest deduction. which is the most popular one. >> the most popular one. politically difficult i think. that's really the problem with romney's entire approach that said we'll just create revenue
CBS
Nov 25, 2012 6:00pm PST
spending and deficits which he says are urgent priorities. >> we're digging a hole very fast. and the first rule of getting out of holes is to stop digging. right now we're digging at the rate of about a trillion dollars a year. i think the economy is sort of waiting, this deficit is like a dark cloud over everything. >> reporter: king worries, though, that nothing will get done if the senate doesn't change its ways. he wants to change the rules on filibusters which allow a minority of senators to bring the senate floor to a halt. >> that was the central core of my campaign, that we have to be thinking with about and working on making the institution work, reaching decisions, compromising. >> reporter: you're going have to be a pretty strong suspension bridge if are you going to be a bridge between those two parties. >> i like the image of a bridge. >> reporter: a bridge he hopes will bring the senates two warring sides together. chip reid, brunswick, maine. >> glor: it is one of the country's most notorious criminal conviction. a new film examines the nightmare of the central park five nex
CBS
Nov 28, 2012 4:00am PST
interest deduction cap from a million dollars to $500,000 say it will help cut the deficit, keep interest rates low, and that could help the housing market all by itself. dean reynolds, cbs news, chicago. >> u.n. ambassador susan rice returns to capitol hill today her meeting with lawmakers yesterday to discuss her explanation of the attack on the u.s. consulate in libya didn't go over very well. she met with three republican senators strongly opposed to her possible nomination to be secretary of state. they were not satisfied with her explanation. >> all i can tell you is that the concerns that i have are greater today than they were before and we're not even close to getting the basic answer. >> following the benghazi attack rice said the assault grew out of a protest and not a terrorist attack. yesterday she said that was incorrect. that there was no protest or demonstration in benghazi. >>> overseas now in egypt the largest crowd yet have turned out to demonstrate against president morsi's declaration of wide ranging new powers. hundreds of thousands of protesters in cairo's tahrir sq
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